101 to Jargon busting law terminology

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We may well have heard of these terms, but in the eys of legal speak, just what do they represent?

Agreement – ideally a written contract between parties

Due Diligence – formal process for a buyer’s accountants and lawyers to look into the likely matters and liabilities that may affect a Business that is transferring or on a share sale

Enquiries– a more often used word for lawyers asking questions about an asset or entity such as a company

Indemnity – a promise by one party to pay another party a sum to remedy a breach of a representation and this payment is without mitigation

Warranty – a representation that can result in a claim by a party but the Warrantor can under the law mitigate the claim

Retention – one party to a transaction can hold back funds if there are matters that are in doubt and not have to sue for the funds which the other party may not have!

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